金融市场与机构

商家名称	信用等级	购买信息	订购本书
		金融市场与机构
		金融市场与机构

基本信息·出版社：高等教育出版社
·页码：468 页
·出版日期：2005年05月
·ISBN：704016163X
·条形码：9787040161632
·版本：第1版
·装帧：平装
·开本：16
·正文语种：英语
·读者对象：使用对象：高等院校学生。
·丛书名：高等学校金融学类英文版教材
·外文书名：Financial Markets and Institutions

内容简介 《金融市场与机构》从讨论金融市场的资金流动、利率的决定和利率结构出发，系统阐述了金融市场的运作全貌，不仅全面介绍了债务证券市场、权益证券市场、衍生证券市场，而且深入分析了各种金融工具、衍生工具的估价与风险，《金融市场与机构》还着重描述了金融机构对各类金融市场的利用及其在金融市场上所扮演的角色。《金融市场与机构》适合作为金融、经济、工商管理专业本科生、研究生和MBA“金融市场学”或“金融市场与机构”课程的教材。对于金融业的研究人员和从业人员，《金融市场与机构》也是一本难得的专业参考书。
作者简介 杰夫·马杜拉(Jeff Madura)，美国佛罗里达亚特兰大大学金融系教授，他在《金融与数量分析》、《货币、信贷与银行》、《风险与保险》等众多一流刊物上发表了有关银行与金融市场研究方面的学术论文。杰夫·马杜拉教授因其在教学和研究方面的突出贡献而多次获奖，并曾担任商业银行、证券公司的顾问，还曾任美国南方金融协会与东方金融协会的理事以及南方金融协会会长。
编辑推荐 《金融市场与机构》是由高等教育出版社出版的。
目录
PART I
1 Overview of the Financial
Environment
2 Chapter 1
Role of Financial Markets and Institutions
Overview of Financial Markets
Money versus Capital Markets
Primary versus Secondary Markets
Organized versus Over-the-Counter Markets
Securities Traded in Financial Markets
Money Market Securities
Capital Market Securities
Derivative Securities
Valuation of Securities in Financial Markets
Market Pricing of Securities
Market Efficiency
Financial Market Regulation
Disclosure
Other Regulations
Financial Market Globalization
Role of the Foreign Exchange Market
Foreign Exchange Rates
Role of Financial Institutions in Financial Markets
Role of Depository Institutions 11
Role of Nondepository financial Institutions
Comparison of Roles among Financial Institutions
Overview of Financial Institutions 19
Competition between Financial Institutions
Consolidation of Financial Institutions
Participation in Financial Markets
Global Expansion by Financial Institutions
30 Chapter 2
Determination of Interest Rates
Loanable Funds Theory 30
Household Demand for Loanable Funds
Business Demand for Loanable Funds
Government Demand for Loanable Funds
Foreign Demand for Loanable Funds
Aggregate Demand for Loanable Fund~
Supply of Loanable Funds 34
Equilibrium Interest Rate 36
Economic Forces That Affect Interest Rates
Impact of Economic Growth on Interest Rates
Impact of Inflation on Interest Rates 39
Impact of the Money Supply on Interest Rates
Impact of the Budget Deficit on Interest Rates
Impact of Foreign Flows of Funds on Interest Rates
Summary of Forces That Affect Interest Rates
Evaluation of Interest Rates over Time
Forecasting Interest Rates
53 Chapter
Structure of Interest Rates
Characteristics of Debt Securities That Cause Their Yields　to Vary
Credit (Default) Risk
Liquidity
Tax Status
Term to Maturity
Special Provisions
Explaining Actual Yield Differentials
Yield Differentials of Money Market Securities
Yield Differentials of Capital Market Securities
Estimating the Appropriate Yield
A Closer Look at the Term Structure
Pure Expectations Theory
Liquidity Premium Theory
Segmented Markets Theory
Research on Term Structure Theories
Integrating the Theories of the Term Structure
Uses of the Term Structure
Impact of Debt Management on Term Structure
Impact of September 11 on the Term Structure
Historical Review of the Term Structure
International Structure of Interest Rates
Integ rative Problem: Interest Rate Forecasts and Investment　Decisions

PART II
85 The Fed and Monetary Policy
86 Chapter 4
Functions of the Fed
Organization of the Fed
Federal Reserve District Banks
Member Banks
Board of Governors
Federal Open Market Committee (FOMC)
Advisory Committees
Integration of FederaI Reserve Components
Monetary Policy Tools
Open Market Operations
Adjusting the Discount Rate
Adjusting the Reserve Requirement Ratio
Comparison of Monetary Policy Toos
Impact of Technical Factors on Funds
Fed Contr01 of the Money Supply
Limitations of Controlling Money Supply
Monetary Control Act of 1980
G10bal Monetary Policy
A Single Euro Zone Monetary Policy
Global Central Bank Coordination
Summary
Questions and Applications
107 Chapter
Monetary Theory and Policy
Monetary Theory
Pure Keynesian Theory
Quantity Theory and the Monetarist Approach
Theory of Rational Expectations
WhichTheoryisCorrect？
Tradeoff Faced bv山e Fed
Impact ofOther Forces on the Trade off
Economic Indicators Monitored by the Fed
Indicators of Economic Growth
Indicators of Inflation
How the Fed Uses Indicators
Lags in Monetary Policy
Assessing the Impact of Monetary Policy
Forecasting Money Supp~Movements
Forecasting the Impact ofMonetary Policy
Integrating Monetary and Fiscal Policies
History
Monetizing the Debt
Market Assessment ofIntegrated Policies
G1obal Etiects of Monetary Policy
Impact of the Dollar
Impact of Global Economic Conditions
Transmission ofInterest Rates
Fed Policy during the Asian Crisis
Summary 133·Questions and Applications
Integrative Problem：Fed Watching

PART Ⅲ
139 Debt Security Markets
140 Chapter
Money Markets
Money Market Securities
Treasury Bills
CommercialPaper
Negotiable Certificates of Deposit
Repurchase Agreements
Federal Funds
Banker~Acceptances
Institutional Use of Money Markets
valuation of Money Market Securities
Explaining Money Market Price Movements
Indicators ofFuture Money Market Security Prices
Risk of Money Market Securities
MeasuringRisk
Interaction among Money Market Yields
Globalization of Money Markets
Eurodollar Deposits and Euronotes
Euro-CommerciaI Paper
Performance ofForeign Money Market Securities
Summary 155-Questions and Applications
Problems
162 Chapter
Bond Markets
Background on Bonds
BondYields
Treasury and Federal Agency Bonds
Treasury Bond Auction
Trading Treasury Bonds
Treasury Bond Quotations
Stripped Treasury Bonds
Inflation-Indexed Treasury Bonds
Brady Bonds
FederalAgency Bonds
Municipal Bonds
Tradingand Quotations
Corporate Bonds
Private Placements ofCorporate Bonds
Characteristics of Corporate Bonds
TradingCorporateBonds
Corporate Bond Quotations
Junk Bonds
How Corporate Bonds Facilitate Restructuring
Institutional Use of Bond Markets
Globalization of Bond Markets
Eurobond Market
Tax Egects
Summary
Questions and Applications
182Chapter
Bond Valuation and Risk
Bond Valuation Process
BondValuationwith aPresentValue Table
Impact of the Discount Rate on Bond Valuation
Impact oftheTimingofPayments on Bond Valuation
Valuation ofBonds with Semiannual Payments
Use ofAnnulty Tables for Valuation
Relationships Between Coupon Rate，Required Return，and Bond Price
Implications for Financial Institutions
Explaining Bond Price Movements
Factors That Affectthe Risk-Free Rate

PART Ⅳ
G-1 Glossary
……
序言 自教育部在《关于加强高等学校本科教学工作提高教学质量的若干意见》【教高（2001）4号】中提出双语教学的要求后，各地高校相继开设了一系列双语教学课程。这对提高学生的学科和外文水平，开阔国际视野，培养创新型人才起到了重要的作用；一大批教师也逐渐熟悉了外文授课，自身的教学水平和能力得到较大提高，具备国际学术思维的中青年教师脱颖而出。同时，经过近几年的双语教学实践，国外原版教材量大、逻辑不够清晰、疏离中国现实等问题也影响了双语教学的效果。因此，对外版教材进行本土化的精简改编，使之更加适合我国的双语教学已提上教材建设日程。
为了满足高等学校经济管理类双语课程本土化教学的需要，在教育部高等教育司的指导和支持下，高等教育出版社同Thomson Leaming等国外著名出版公司通力合作，在国内首次推出了金融、会计、经济学等专业的英文原版改编教材。本套教材的遴选、改编和出版严格遵循了以下几个原则：
1.择优选取权威的新版本。在各专业选书论证会上，我们要求入选改编的教材不仅是在国际上多次再版的经典之作的最新版本，而且是近年来已在国内被试用的优秀教材。
2.改编后的教材力求内容规范简明，逻辑更加清晰，语言原汁原味，适合中国的双语教学。选择的改编人既熟悉原版教材内容又具有本书或本门课程双语教学的经验；在改编过程中，高等教育出版社组织了知名专家学者召开了数次改编和审稿会议，改编稿征求了众多教师的意见。
3.改编后的教材配有较丰富的辅助教学支持资源，教师可在网上免费获取。同时，改编后的教材厚度适中，定价标准较低。
由于原作者所处国家的政治、经济和文化背景等与我国不同，对书中所持观点，敬请广大读者在阅读过程中注意加以分析和鉴别。
此次英文改编教材的出版，得到了很多专家学者的支持和帮助，在此深表谢意！我们期待这批英文改编教材的出版能对我国经济管理类专业的教学能有所帮助，欢迎广大读者给我们提出宝贵的意见和建议。
文摘 插图：


Forward contracts are contracts typically negotiated with a commercial bank that allow the purchase or sale of a specified amount of a particular foreign currency at a specified exchange rate on a specified future date.There is a forward market that facilitates the trading of forward contracts.This market is not in one visible place，but is essentially a telecommunicanbns network through which large Commercial banks match participants who wish to buy a currency forward with other participants who wish to sell a currency forward.
Many of the commercial banks that offer foreign exchange on a spot basis also offer forward transactions for the widely trade,d currencies.By enabling a corporation to lock in the price to be paid for a foreign currency，forward purchases can hedge the corporatioffs risk that the currency's value may appreciate over time. St.Louis Insurance Company plans to invest about$20 million in Mexican stocks two months from now.Because the Mexican stocks are denominated in pesos，the amount of stock that can be purchased is dependent on the peso's value at the time of the purchase. If St.Louis Insurance Company is concerned that the peso will appreciate by the time of the purchase，it can buy pesos forward to lock in the exchange rate.
A corporation receiving payments denominated in a particular foreign currency in the future can lock in the price at which the currency can be sold by selling that currency forward.

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